Business Setup in Dubai | Company Formation in Dubai

Corporate Bank Account

A corporate bank account serves as the financial management tool for your business. It handles various financial transactions such as payments to suppliers, receipt of payments from customers, and payroll management.

A corporate bank account acts as the core of your capital management, ensuring liquidity for operations, investments, and growth. Every business has daily operational expenses, and corporate accounts enable businesses to meet their financial obligations conveniently. Corporate bank accounts also play a crucial role in fulfilling corporate tax obligations.

Businesses eligible for a corporate bank account in the UAE include:

Sole Proprietorships
Limited Liability Companies (LLCs)
Partnerships
Corporations

Opening a company bank account in Dubai can be a lengthy and complex task, making it challenging for businesses to start their operations. Significant challenges in opening a company bank account include:

Strict regulatory and compliance requirements like Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT).
Proving the credibility of the founder.
Insufficient information or a weak business plan.
Issues with physical office space.
Minimum balance requirement.

WeSetupBusiness specializes in opening corporate bank accounts in the UAE for your business. With in-house banking experts and close ties with leading banks, we navigate the complexities and open corporate bank accounts with ease, saving both time and money.

UAE is regarded as one of the leading business hubs in world and most of the companies are taking their business global in UAE, banking in Dubai have become an attractive option for foreign investors. The UAE boasts a strong and autonomous banking system, making it a leading international financial center with a rapidly growing economy. This has established it as a business hub, drawing corporate banking activities. Dubai, in particular, stands out due to its stable financial market, strong bank secrecy, and minimal regulations, making it a preferred choice over other financial centers.

Adhering to strict anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations, opening a bank account in Dubai is not just as easy as it sounds. This is because the bank in the United Arab Emirates need to meet the highest level of compliance in accordance with the international banking standards. Thanks to Dubai's efficient banking network, it is now a parallel with major financial centers of the world such as New York, London, Tokyo, Singapore, Honk Kong etc. And the banking laws are strict now more than ever.

So, it is important to seek guidance from trusted banking experts to open bank account in Dubai for your personal or business needs to make sure you go through the process hassle-free and not get rejected.

Why Choose WeSetupBusiness for Bank Account Assistance in UAE?

At WESETUPBUSINESS, we help to open bank account in Dubai and in various other emirates of the UAE. Our in-house banking experts have extensive knowledge of UAE banking protocols and maintain excellent relationships with both local and international banks. We have successfully helped numerous clients with their bank account needs.

Our Banking Network:

· Emirates Islamic Bank (EIB)

· First Abu Dhabi Bank (FAB)

· Emirates NBD (ENBD)

· Mashreq Bank

· Commercial Bank of Dubai (CBD)

· Dubai Islamic Bank (DIB)

· Abu Dhabi Commercial Bank (ADCB)

· WIO Bank

· Abu Dhabi Islamic Bank (ADIB)

Why it is important to open a corporate bank account in UAE?

Tax Preparation

A bank account allows you to automatically prepare for tax and it is much easier and simpler for businesses to keep the track of their expenses and income. Since the introduction of Value Added Tax (VAT) and corporate tax, you can efficiently link your business bank account with your accounting software that helps you to save a lot of time preparing for the tax registration and filing.

Protect your business liability

One of the many advantages of Limited Liability Company (LLC) is that in case your company is unable to pay any due debt, your creditor can't legally go after your personal assets unless you did any something that incurs liability such as breaking the law. However, if you mix your business funds with personal funds and do not maintain a separate bank account for your business, then you have no personal assets liability protection. That's why it is important to open a business bank account to keep your business financial separate from personal.

Build credibility with IRS

In order to legally show that your business is paying taxes and has expenses, it must be credible business. To prove its credibility, the IRS must be able to determine that you are putting your efforts to make your business profitable.

Build Business Credit Score

A corporate bank account allows you to build a credit history that can add up to the credibility of your business. For example, in future, if you want to apply for business loan to finance your business expansion or moving to a bigger office space, a good credit history will help you to get you approved with low interest rates. Furthermore, a good credit history with your bank can also help you to get the business credit card with a better interest rate.

Key benefits of Bank Account Opening in Dubai:

· Easy international access

· Attractive interest rates

· Multi-currency banking

· Convenient fund transfers

· Flexible investment options

· Non-restrictive banking services

· Dedicated relationship managers (RM)

· Mobile and Online banking

How to Open a Corporate Bank Account in Dubai, UAE?

Company bank account opening in UAE is comparatively a complicated and sensitive process that requires the submission of the following documents:

· A copy of the Articles of Association pertaining to the formation of the company

· A copy of the Certificate of shareholders outlining the percentage of the applicant’s shares in the company

· A copy of the Incorporation Certificate which attests to the registration of the company

· A copy of the company’s trade License

· A copy of passport of all shareholders including the page that shows the date of their legal entrance in the country

· A copy of visa of all shareholders

· Emirates ID, if the applicant is already a resident of the UAE

· Names and addresses of three suppliers and three clients of the company

Dedicated Relationship Manager

If you have a business account or a high net worth, you need a dedicated Relationship Manager at your bank. This person understands your financial goals, needs, and preferences, offering you personalized advice and support.

At WeSetupBusiness, our Relationship Manager services are designed to provide you with personalized financial support tailored to your specific business needs. Our dedicated Relationship Managers understand your financial goals and preferences. We streamline your transactions, address any issues promptly, and build a trusted relationship that fosters long-term loyalty and success. With WeSetupBusiness, you can focus on growing your business while we handle your financial management with care and precision.

Benefits of a Dedicated Relationship Manager:

Customized Financial Support

Having a dedicated relationship manager means you can develop a personalized financial plan that aligns with your goals, minimizing the risks, and saving time. Their job is to assess your plan regularly and tweak it as your circumstances change. Whether you are aiming to save for retirement, invest in your business, or plan your estate, your relationship manager offers expert advice tailored to your individual needs.

Access to Exclusive Services

Another advantage of working with a dedicated relationship manager is the opportunity to access special products and services not available to everyone else. You might receive better rates, lower fees, and favorable terms on loans, mortgages, and credit cards. There could also be premium investment opportunities like managed portfolios or private equity. Plus, you might enjoy added perks such as concierge services, travel benefits, or invitations to exclusive events and seminars.

Quick and Efficient Issue Resolution

Having a dedicated relationship manager simplifies your banking experience. You can skip long lines and endless paperwork. Just reach out to your relationship manager directly to resolve issues swiftly. They can assist you with more complicated transactions, such as international transfers or currency conversions, ensuring everything gets handled smoothly.

Building Trust with Your Relationship Manager

Establishing a connection with your dedicated relationship manager helps build trust and credibility with your bank. This long-term relationship allows them to understand your needs and provide consistent service. You can also benefit from their network, gaining access to other professionals who can support your financial aspirations. With a dedicated relationship manager, you can feel more assured and secure about your financial future.

PRO Services

The public relations officer who is designated as a government liaison officer that performs government-related activities such as government documents, legal papers, and all government-related work for company formation and visa applications. Investors and business owners that are new to business setup in Dubai are not fully aware of the legal requirements and government procedures which includes all necessary documentation and paperwork.

A lot of time, money, and energy can be wasted in case of mismanagement of records, following up with renewals, compliance with the updated rules and regulations, immigration, labour laws, and what not. This is where professional PRO services in Dubai come to the rescue.

An overview of PRO services in Dubai

· Visa process (including new applications and renewals of employment visa, residence visa, freelance visa, golden visa, family visa/spouse visa)

· Medical, fingerprint process, and Emirates ID

· Documents Attestation and Translation

· Trade license process (new applications and renewals)

· Tarde name registration

· Labour and Immigration cards

· Government Approvals and NOCs

· Ejari and Office Space

· MOA and AOA

· Notary attestation

· Copyrights, patent, and trademark registration

Visa, Medical and ID

We proudly provide the best PRO services in Dubai including all types of visas and navigate you through the processes of medical, fingerprints, and Emirates ID hassle-free. We specialize in processing all kinds of visa applications, immigration processes, and dealing with the government and regulatory authorities.

Types of UAE Residence Visas

UAE offers different types of visas depending on the nature of business and activities that a person wants to undertake.

Investor/Partner Visa

As the name suggests, an investor or partner visa is granted to foreign investors who set up a business in the UAE or have shares in the company. This visa is valid for 2 years and can be renewed by the holder when required. This visa also gives the benefit of sponsoring family members and hiring employees.

Employment Visa

Employment visas are sponsored by the company or the employer. If a foreigner secures an employment in the UAE, they must have a valid resident visa to legally work and live in the UAE. The employer sponsoring the employment visa can be any company registered in the UAE mainland or Free Zone jurisdiction. Normally, the employment visa is also of 2 years term.

Sponsor/Family/Spouse Visa

Any individual with valid UAE residence on an investor visa or an employment visa can sponsor his family or dependents. For employees, their earnings should be minimum AED 4000 or AED 3000 including residence. The resident visa is ranted on a yearly basis regardless of the visa duration of sponsor. Visa validity depends on the visa validation of the sponsor. In case of sponsor visa cancellation, the dependent visa also needs to be cancelled.

Golden Visa

The UAE golden visa is a long-term residency visa dedicated to foreign investors, businessmen, and highly qualified and skilled workers. The golden visa provides a long-term residency ranging from 5 to 10 years, depending on the eligibility of the applicant. Investment includes both starting a company. This is a premium visa type that comes with extended benefits and amenities in the UAE.

Office Space Assistance

We offer top-class Ejari and Office space services including physical offices, virtual offices, flexi desks, co-working spaces, etc. Selecting the right office space is one of the main concerns for business owners in the UAE. You need to consider many things before finalizing your office. We provide the best office space services in the UAE as we aim to provide more than just a workspace. Our office spaces are fully equipped with all the modern amenities (such as high-speed internet, meeting and conference rooms, cozy cabins, flexible seats, phone booths, pantries, etc.) designed for all sort of businesses.

Documents Attestation and Translation

We provide complete documents attestation and legalization services that ensure that your documents are authentic and recognized in foreign jurisdictions and government authorities. Attestation and legalization of documents is necessary for both individuals and businesses involved in international trade, immigration process, foreign investment, or education.

Document Types

Attestation and legalization services generally include all kinds of legal document including commercial or business documents, marriage certificates, birth certificates, educational certificates, etc.

Trust us for document attestation in Dubai as we have close ties with all legal and government authorities. The first step of attestation involves verification and stamping from the Embassy or Consulate. It involves submitting the documents to the UAE embassy or consulate where they are stamped. Next, your documents need to be further verified and stamped from the Ministry of Foreign Affairs (MOFA). Depending on the nature of your business or needs, further attestation may be required from the local authorities in Dubai or other Emirates of the UAE. These include Ministry of Education, Chamber of Commerce, DED, DEWA, Police department, etc.

Documents Translation Services

In many cases, translation of documents in Arabic is necessary by certified translation services in Dubai. We offer different types of translation that suit your needs, including standard translation, certified translation, and legal translation. It is important to choose only reliable translation services in UAE to avoid misinterpretation of various Arabic words and phrases.

Copyright and Trademark Registration

Copyright and trademark registration services in Dubai provide protection and management of intellectual property of companies and individuals. Most companies see their brand as a successful corporate image and understand its high value and uniqueness. Thus, they want to protect it from copycats that can harm their brand image and business. To protect it legally, businesses must register it as their trade mark.

Copyright Registration

Copyright is the legal registration and protection of a particular piece of creation such as writing, image, drawing, titles, motion pictures, etc. Copyright provides the owner or author with the rights to copy, distribute, and use their original work. It gives businesses and individuals the ability to protect their creations from potential infringements and theft.

Visa, Medical & ID

The public relations officer who is designated as a government liaison officer that performs government-related activities such as government documents, legal papers, and all government-related work for company formation and visa applications. Investors and business owners that are new to business setup in Dubai are not fully aware of the legal requirements and government procedures which includes all necessary documentation and paperwork.

A lot of time, money, and energy can be wasted in case of mismanagement of records, following up with renewals, compliance with the updated rules and regulations, immigration, labour laws, and what not. This is where professional PRO services in Dubai come to the rescue.

An overview of PRO services in Dubai

· Visa process (including new applications and renewals of employment visa, residence visa, freelance visa, golden visa, family visa/spouse visa)

· Medical, fingerprint process, and Emirates ID

· Documents Attestation and Translation

· Trade license process (new applications and renewals)

· Tarde name registration

· Labour and Immigration cards

· Government Approvals and NOCs

· Ejari and Office Space

· MOA and AOA

· Notary attestation

· Copyrights, patent, and trademark registration

Visa, Medical and ID

We proudly provide the best PRO services in Dubai including all types of visas and navigate you through the processes of medical, fingerprints, and Emirates ID hassle-free. We specialize in processing all kinds of visa applications, immigration processes, and dealing with the government and regulatory authorities.

Types of UAE Residence Visas

UAE offers different types of visas depending on the nature of business and activities that a person wants to undertake.

Investor/Partner Visa

As the name suggests, an investor or partner visa is granted to foreign investors who set up a business in the UAE or have shares in the company. This visa is valid for 2 years and can be renewed by the holder when required. This visa also gives the benefit of sponsoring family members and hiring employees.

Employment Visa

Employment visas are sponsored by the company or the employer. If a foreigner secures an employment in the UAE, they must have a valid resident visa to legally work and live in the UAE. The employer sponsoring the employment visa can be any company registered in the UAE mainland or Free Zone jurisdiction. Normally, the employment visa is also of 2 years term.

Sponsor/Family/Spouse Visa

Any individual with valid UAE residence on an investor visa or an employment visa can sponsor his family or dependents. For employees, their earnings should be minimum AED 4000 or AED 3000 including residence. The resident visa is ranted on a yearly basis regardless of the visa duration of sponsor. Visa validity depends on the visa validation of the sponsor. In case of sponsor visa cancellation, the dependent visa also needs to be cancelled.

Golden Visa

The UAE golden visa is a long-term residency visa dedicated to foreign investors, businessmen, and highly qualified and skilled workers. The golden visa provides a long-term residency ranging from 5 to 10 years, depending on the eligibility of the applicant. Investment includes both starting a company. This is a premium visa type that comes with extended benefits and amenities in the UAE.

Our years of experience and holistic approach to business setup in Dubai can deliver committed and responsible local sponsorship, Dubai visit visa, Dubai residence visa, Dubai Golden Visa, medical, and Emirates ID services that ensure the entire process is smooth and hassle-free.

You can also avail our VIP visa service in Dubai that helps you to get your medical and fingerprints on a single day with a VIP protocol so you don't have to wait for days to get all the procedure done.

Corporate Financial Services

Supercharge your business with confidence and accuracy - Our Accounting and Bookkeeping services have you fully supported!

Accounting and Bookkeeping involve recording the financial transactions of a company or business. This process includes summarizing, maintaining, evaluating, and reporting financial transactions to regulatory bodies and tax authorities. Businesses must remain compliant with local government laws and avoid tax-related issues.

Why Do Businesses Need Accounting and Bookkeeping Services in the UAE?

When investors with little experience in the UAE start a business, they often choose to outsource their accounting and bookkeeping tasks to an external agency. That is because they want to focus more on their business growth rather than waste time in the complexities of accounting & bookkeeping that follows specific procedures and practices regardless of the type of business, which can be challenging for inexperienced investors in the Emirates. Therefore, hiring a qualified team of accounting professionals can make the process much easier for them to handle record-keeping, and financial analysis is critical not just for monitoring firm spending, but also for identifying new avenues of growth and allows the new business venture to focus on its business goals.

Key Benefits of Having Accounting and Bookkeeping Services in Dubai

· Maintain transaction records

· Understand the sales record

· Legal Compliance

· Compliance with rule of the land

· Transparency in profit and loss

· Accurate Use of funds

· Deal with foreign currency transactions

· Maintain proper cash flow

· Prepare financial statements

· Improved Financial Decisions

We take care of all corporate tax filing & management activities while you concentrate on what you do best. Leave Dubai Corporate Tax to us!

On 31st January 2022, the UAE has introduced a new corporate tax, signaling a significant change in its taxation landscape. Historically, the United Arab Emirates was known for not imposing taxes on corporate profits, except for a few industries. However, starting from the financial year that began on June 1, 2023, many companies operating in the UAE will be subject to a new 9% corporate tax rate.

Eligibility of UAE Corporate Tax

The UAE's corporate tax for 2023 is set at 9% on the profits (which is the revenue minus expenses) of businesses generating over 375,000 AED (approximately USD $100,000). Companies with annual earnings below this threshold will continue to enjoy a 0% tax rate.

Who are exempted from Corporate Tax?

There are few types of income that are exempted from corporate tax. These include:

Wholly government-owned entities, non-profit organizations (terms and conditions apply), specific types of investment finds.

Personal Income

Corporate tax does not apply to personal income generated by the individuals that is not associated with any trade or business in the UAE. These incomes include salary from employment, real estate, share investment, income from interest, and other personal income sources.

Free Zone Businesses

Businesses registered in free zones can enjoy 0% corporate tax if they do not engage in business with mainland and comply with all the regulatory criteria set by the authorities.

Capital gains and dividends

Capital gains or dividends earned by the individuals or businesses from qualifying shareholdings are exempted from UAE corporate tax.

Effective Date

The new corporate tax policy came into effect for the tax year starting on June 1, 2023. Companies with financial year beginning in January will not be required to pay tax on revenues generated prior to January 1, 2024.

At WeSetupBusiness, we offer complete corporate tax services from detailed advisory to registration, remaining compliant, filing, and submitting tax returns. Our team of professional accountants and tax experts with years of local rules and regulations knowledge handle all the aspects such as assessment, compliance, audit, registration, accounting, and filing so you don't have to do the heavy lifting. You can rest assure that your tax requirements are in safe hands.

Registration and Deregistration

Businesses that fall under the corporate tax (CT) requirements must register with the Federal Tax Authority (FTA) and obtain a Tax Registration Number within the specified time frame. If a company doesn’t register voluntarily, the FTA has the authority to register it automatically.

If a business stops its CT registration (for instance, during liquidation), the FTA should be notified within three months. For an individual to be deregistered, they must have submitted all CT returns and paid any owed taxes and penalties up until the cessation. If the deregistration application is not submitted on time or if payment and filing obligations aren’t met, issues may arise.

Filing, Payment, and Refunds

Businesses need to submit only one tax return and the necessary supporting documents to the FTA for each tax period. There’s no requirement to file a provisional CT return or make advance payments. All tax returns and supporting schedules must reach the FTA within nine months after the end of the tax period. Payments for corporate tax must be completed within nine months following the tax period. Taxpayers may request a refund from the FTA if they can prove it’s warranted.

Corporate Tax Advice

Our specialists are here to provide guidance on corporate tax matters that could affect your business. This includes information on potential tax exemptions available to you and how to take advantage of them.

Corporate Tax Registration

Our team will help you register your business for corporate tax with the FTA and ensure that you meet all deadlines related to your tax obligations.

Corporate Tax Returns

We will evaluate your corporate tax situation, aiming for the most favorable tax results for your business, and manage all necessary submissions to the FTA throughout the year.

VAT

The United Arab Emirates announced the Value Added Tax (VAT) in the UAE on 1^st January 2018 with a rate of 5% on all types of products and services. This tax is applicable or expenditure and use of goods and services at each point of sale. Businesses are obliged to collect and account for tax that is intended to aid the government.

Whether voluntary or mandatory, the VAT registration process is the same. The tax authorities have a particular portal for the process where they can easily register their company. However, one has to be very mindful while undergoing the application procedure as this should be done correctly in order to get approval from authorities.

The mandatory VAT registration is applicable on a business with yearly threshold income of AED 375,000. While voluntary VAT registration is applicable for businesses that provide taxable products or services with yearly income of less AED 375,000 but more than AED 187,500. While the businesses with yearly income less than AED 187,500 does not need to register for VAT.

VAT Services

The United Arab Emirates announced the Value Added Tax (VAT) in the UAE on 1^st January 2018 with a rate of 5% on all types of products and services. This tax is applicable or expenditure and use of goods and services at each point of sale. Businesses are obliged to collect and account for tax that is intended to aid the government.

VAT Registration

Whether voluntary or mandatory, the VAT registration process is the same. The tax authorities have a particular portal for the process where they can easily register their company. However, one has to be very mindful while undergoing the application procedure as this should be done correctly in order to get approval from authorities.

The mandatory VAT registration is applicable on a business with yearly threshold income of AED 375,000. While voluntary VAT registration is applicable for businesses that provide taxable products or services with yearly income of less AED 375,000 but more than AED 187,500. While the businesses with yearly income less than AED 187,500 does not need to register for VAT.

It is important to note that any discrepancy in the application can lead to hefty fines and/or rejection of the application. That’s why most businesses seek VAT registration service providers in UAE. Outsourcing the VAT registration task to experts in the field not only brings peace of mind to you but also helps you keep unnecessary fines and delays in approval at bay. You don’t have to take pains when you have WeSetupBusiness in your city. We have VAT specialists who are active in the field for years.

VAT Invoicing

After you get VAT registration number, your business needs to issue VAT invoice. All the businesses are required to follow the format issued by the FTA to avoid fines and penalties. Tax Registration Number (TRN) must be mentioned on all the invoices. In case, this TRN number is not mentioned on the invoice, customers should not pay VAT.

VAT Return Filing

The threat of penalties always hangs over your head when you are doing business in Dubai, UAE like the sword of Damocles. Especially when you are non-compliant to any of the rules and regulations whether knowingly or unknowingly. However, there are ways to avoid them. And outsourcing complex affairs to experts is one of them. VAT calculations can be fiendish at times. Fines are absolutely inevitable if VAT returns filing in UAE is not done with due care.

VAT return filing is mandatory for all taxable businesses and once you have registered for the VAT, you are required to file your VAT return and make your applicable VAT payments within 28 days after your tax year ends. In case of failure of timely VAT return filing or wrong filing, your business can incur fines from the FTA.

Tackling VAT return filing in Dubai, UAE is a cumbersome process and the chances of making errors or any kind of non-compliance are higher than you think. With that said, we can’t deny the fact that VAT return filing needs an expert. The taxable entities must have a thorough knowledge of the tax period and other requirements mandated by the FTA to ensure compliance while filing a VAT return in the UAE.

Not every business has an in-house team of finance experts to deal with VAT functions. And it’s not something that can be performed by jack-of-all-master-of-none ones. That’s where experienced business and management consultants in UAE such as WeSetupBusiness come and help VAT registrants in the UAE to successfully navigate the intricacies of the process.

VAT Refund

Input VAT is the tax that is payable on products or services purchased by a business or taxable person. While, the output VAT is the tax on sold products or services by the business or taxable person. If your business is paying more VAT tax as compared to the VAT tax collected from the clients, then you are eligible to claim the VAT refund.

VAT Services in Dubai

With our qualified VAT compliance professionals by your side, you don’t have to worry about your various VAT-related chores including VAT return filing.

Corporate Tax Registration and Filing

We take care of all corporate tax filing & management activities while you concentrate on what you do best. Leave Dubai Corporate Tax to us!

On 31st January 2022, the UAE has introduced a new corporate tax, signaling a significant change in its taxation landscape. Historically, the United Arab Emirates was known for not imposing taxes on corporate profits, except for a few industries. However, starting from the financial year that began on June 1, 2023, many companies operating in the UAE will be subject to a new 9% corporate tax rate.

Eligibility of UAE Corporate Tax

The UAE's corporate tax for 2023 is set at 9% on the profits (which is the revenue minus expenses) of businesses generating over 375,000 AED (approximately USD $100,000). Companies with annual earnings below this threshold will continue to enjoy a 0% tax rate.

Who are exempted from Corporate Tax?

There are few types of income that are exempted from corporate tax. These include:

Wholly government-owned entities, non-profit organizations (terms and conditions apply), specific types of investment finds.

Personal Income

Corporate tax does not apply to personal income generated by the individuals that is not associated with any trade or business in the UAE. These incomes include salary from employment, real estate, share investment, income from interest, and other personal income sources.

Free Zone Businesses

Businesses registered in free zones can enjoy 0% corporate tax if they do not engage in business with mainland and comply with all the regulatory criteria set by the authorities.

Capital gains and dividends

Capital gains or dividends earned by the individuals or businesses from qualifying shareholdings are exempted from UAE corporate tax.

Effective Date

The new corporate tax policy came into effect for the tax year starting on June 1, 2023. Companies with financial year beginning in January will not be required to pay tax on revenues generated prior to January 1, 2024.

At WeSetupBusiness, we offer complete corporate tax services from detailed advisory to registration, remaining compliant, filing, and submitting tax returns. Our team of professional accountants and tax experts with years of local rules and regulations knowledge handle all the aspects such as assessment, compliance, audit, registration, accounting, and filing so you don't have to do the heavy lifting. You can rest assure that your tax requirements are in safe hands.

Registration and Deregistration

Businesses that fall under the corporate tax (CT) requirements must register with the Federal Tax Authority (FTA) and obtain a Tax Registration Number within the specified time frame. If a company doesn’t register voluntarily, the FTA has the authority to register it automatically.

If a business stops its CT registration (for instance, during liquidation), the FTA should be notified within three months. For an individual to be deregistered, they must have submitted all CT returns and paid any owed taxes and penalties up until the cessation. If the deregistration application is not submitted on time or if payment and filing obligations aren’t met, issues may arise.

Filing, Payment, and Refunds

Businesses need to submit only one tax return and the necessary supporting documents to the FTA for each tax period. There’s no requirement to file a provisional CT return or make advance payments. All tax returns and supporting schedules must reach the FTA within nine months after the end of the tax period. Payments for corporate tax must be completed within nine months following the tax period. Taxpayers may request a refund from the FTA if they can prove it’s warranted.

Corporate Tax Advice

Our specialists are here to provide guidance on corporate tax matters that could affect your business. This includes information on potential tax exemptions available to you and how to take advantage of them.

Corporate Tax Registration

Our team will help you register your business for corporate tax with the FTA and ensure that you meet all deadlines related to your tax obligations.

Corporate Tax Returns

We will evaluate your corporate tax situation, aiming for the most favorable tax results for your business, and manage all necessary submissions to the FTA throughout the year.

Compliance Obligations for Corporate Taxpayers in the UAE

To comply with UAE corporate tax regulations, businesses must fulfill the following essential duties:

· Register for corporate tax with the FTA.

· Submit an annual tax return and settle any taxes owed within nine months after the end of the taxable year.

· Maintain thorough records of their income and expenses.

· Allow the FTA to review their records if requested.

How to Prepare for Corporate Tax?

If you’re a business owner looking to prepare for corporate tax, our qualified tax advisors can assist you in ensuring compliance with your tax obligations through a proactive approach:

· Examine your financial records to identify your taxable income.

· Discover any deductions that you may qualify for.

· Register for corporate tax with the FTA.

· Setup a system for filing your annual tax return and making any necessary tax payments.

Accounting & Bookkeeping

Supercharge your business with confidence and accuracy - Our Accounting and Bookkeeping services have you fully supported!

Accounting and Bookkeeping involve recording the financial transactions of a company or business. This process includes summarizing, maintaining, evaluating, and reporting financial transactions to regulatory bodies and tax authorities. Businesses must remain compliant with local government laws and avoid tax-related issues.

Why Do Businesses Need Accounting and Bookkeeping Services in the UAE?

When investors with little experience in the UAE start a business, they often choose to outsource their accounting and bookkeeping tasks to an external agency. That is because they want to focus more on their business growth rather than waste time in the complexities of accounting and bookkeeping that follows specific procedures and practices regardless of the type of business, which can be challenging for inexperienced investors in the Emirates. Therefore, hiring a qualified team of accounting professionals can make the process much easier for them to handle record-keeping, and financial analysis is critical not just for monitoring firm spending, but also for identifying new avenues of growth and allows the new business venture to focus on its business goals.

Key Benefits of Having Accounting and Bookkeeping Services in Dubai

· Maintain transaction records

· Understand the sales record

· Legal Compliance

· Compliance with rule of the land

· Transparency in profit and loss

· Accurate Use of funds

· Deal with foreign currency transactions

· Maintain proper cash flow

· Prepare financial statements

· Improved Financial Decisions

Bookkeeping

Our team of professional accountants will take care of your bookkeeping and efficiently remove your burden of recording and updating your daily business transactions and performing bank reconciliation. According to UAE law, it is mandatory for all businesses to follow the rules and regulations set by the International Financing Reporting System (IFRS). Our bookkeeping services include data entry, recording and maintenance of daily transactions, accounts payable, receivable, etc.

Account Reconciliation

Our team ensures that the figures in your general ledger are up-to-date and correct and that your balances match. Our accounting experts ensure that your business records reconcile with all your bank statements, match your credit card payments with the statements issued by the bank, and match all the invoices paid directly from the bank with the recorded company's accounts book.

Financial Reporting

Our team ensures that our clients receive accurate financial information so that they can make accurate and informed decisions. We take care of all the data entry and update your accounts on regular basis according to your frequency of transactions. Our team will prepare your income statement, balance sheet, cash flow statement, and equity statement quarterly and annually for regular analysis of your financial performance.

Payroll Management

Your employees are the most valuable asset of your business, and the best way to keep them motivated and increase their productivity is to ensure that they are paid on time. Payroll management is more than just calculating the wages of employees. It can become complex if not handled properly as it involves many aspects such as employee benefits, appraisals, gratuity, bonuses, insurance, leaves, flight tickets, medical benefits, and much more. We will manage your company's monthly payroll with proper reports and pay slips.

Audit Support

All companies operating in Dubai and other emirates must maintain a clean and clear financial record. After the implementation of VAT and Corporate tax, it has become mandatory to maintain an accurate financial record from verified auditing services. Our expert team will help you complete the auditing process for your financial year and ensure that your records are maintained according to the International Financial Reporting Standards (IFRS).

How can WESETUPBUSINESS help you with Accounting and Bookkeeping?

At WeSetupBusiness, we understand the needs of our clients and provide comprehensive Accounting and Bookkeeping services in Dubai. Our team of experts will fully grasp your company's strategy and procedures, handling everything from accounting and bookkeeping to financial reporting, payroll, VAT reports, and audits. We take care of Sales Reports, Balance Sheets, Income Statements, Cash Flow Statements, Corporate Tax filing, Financial Reports, and more. With us taking care of these tasks, you can focus solely on growing your business, giving you peace of mind.

Office Space Assistance

Looking for a great executive office for rent in Dubai, United Arab Emirates? It's important for businesses to have an office space to smoothly conduct their business and succeed here. The smart and budget-friendly way to establish your business is by finding an office space for rent with EJARI in Dubai.

EJARI is the term used by authorities in Dubai for registering tenancy contracts. This registration is vital for obtaining a trade license in the UAE. At WESETUPBUSINESS, we offer complete Ejari services in Dubai with top-notch furnished dedicated office spaces, virtual offices with EJARI, and Flexi Desks in United Arab Emirates. Here is how we can help you with an executive office for rent in UAE:

We offer top-class Ejari and Office space services including physical offices, virtual offices, flexi desks, co-working spaces, etc. Selecting the right office space is one of the main concerns for business owners in the UAE. You need to consider many things before finalizing your office. We provide the best office space services in the UAE as we aim to provide more than just a workspace. Our office spaces are fully equipped with all the modern amenities (such as high-speed internet, meeting and conference rooms, cozy cabins, flexible seats, phone booths, pantries, etc.) designed for all sort of businesses.

We provide office space for rent in the bustling financial hub of Dubai that enhances your business image. you will get a business address at an unbeatable price, even if you're not in the UAE. Enjoy all the perks of a Dubai office while working remotely.

And the best part? You don't have to spend heavy upfront fees when choosing to rent an executive office in Dubai with WESETUPBUSINESS.

Advantages of Renting a Fully Serviced Office Space with Ejari

Renting a fully serviced office space is a smart choice for businesses that want smooth and efficient operations.

Flexibility and Convenience

Serviced offices offer flexible rental rates and lease terms, unlike traditional office spaces that require long-term commitments. You can pick a lease that fits your business needs, whether it's short-term or long-term. Plus, these offices come with high-quality infrastructure and amenities, which helps keep your operations running smoothly and avoids extra costs.

Scalability

Furnished offices allow you to easily scale your space as your business grows. You can upgrade or downgrade your office without any hassle. The service provider typically covers security and maintenance, so you can focus on your business instead of worrying about the facility.

Budget-Friendly

Renting a serviced office means you don’t need to spend money on setting up a traditional office. This lets you use your resources for other important parts of your business. You can avoid overhead costs like buying furniture and moving supplies, making it a cost-effective option.

FAQs

I setup my business in Dubai, what kind of office is suitable for my company?

As a one-stop business setup consultant, we provide the best office space assistance in Dubai. We will first analyze your business nature, its activities, and the way of operation and then recommend and help you to find the suitable office space for your business.

What is different type of office spaces available in Dubai, UAE?

You will find different types of office space settings such as shared office space, coworking space, fully furnished office, private office, and virtual office etc.

Is shared office a good option on budget?

Yes, shared office space is a great option for businesses with a small budget. You don't have to sign lease in shared office setting.

What Are Office Space Rentals in Dubai?

We provide a range of customizable rental options to suit the unique needs of businesses. Our offerings include fully-furnished offices and coworking spaces that are all-inclusive, covering utilities, maintenance, and access to amenities. Pricing varies based on workspace size, allowing for flexibility and location choice.

How Much Office Space Do I Need?

Our workspace experts will help you determine the right size office for your needs in your preferred location. The amount of space you require will depend on the number of people sharing the office and the layout you want.

What Extra Amenities and Services Can I Get with My Office Space?

You can enhance your rental office with the following optional extras for an additional fee:

· Access to printing and scanning facilities

· Call handling and mail forwarding

· Customizable office layout

· High-quality furniture and equipment

· Extra meeting room usage

· Pantry options

Documents Attestation

The attestation of documents in UAE has become vital for the international use of documents. We help you in attesting your documents in the UAE so that they can be accepted by UAE authorities and even abroad. Our competent team can complete the verification process from various state departments and embassies on your behalf.

WeSetupBusiness provides the best attestation services in Dubai including Document attestation in Dubai, MOFA attestation Dubai, and Degree certificate attestation in Dubai.

We provide complete documents attestation and legalization services that ensure that your documents are authentic and recognized in foreign jurisdictions and government authorities. Attestation and legalization of documents is necessary for both individuals and businesses involved in international trade, immigration process, foreign investment, or education.

Document Types

Attestation and legalization services generally include all kinds of legal document including commercial or business documents, marriage certificates, birth certificates, educational certificates, etc.

Trust us for document attestation in Dubai as we have close ties with all legal and government authorities. The first step of attestation involves verification and stamping from the Embassy or Consulate. It involves submitting the documents to the UAE embassy or consulate where they are stamped. Next, your documents need to be further verified and stamped from the Ministry of Foreign Affairs (MOFA). Depending on the nature of your business or needs, further attestation may be required from the local authorities in Dubai or other Emirates of the UAE. These include Ministry of Education, Chamber of Commerce, DED, DEWA, Police department, etc.

Documents Translation Services

In many cases, translation of documents in Arabic is necessary by certified translation services in Dubai. We offer different types of translation that suit your needs, including standard translation, certified translation, and legal translation. It is important to choose only reliable translation services in UAE to avoid misinterpretation of various Arabic words and phrases.

Copyright and Trademark Registration

Copyright and trademark registration services in Dubai provide protection and management of intellectual property of companies and individuals. Most companies see their brand as a successful corporate image and understand its high value and uniqueness. Thus, they want to protect it from copycats that can harm their brand image and business. To protect it legally, businesses must register it as their trade mark.

Copyright Registration

Copyright is the legal registration and protection of a particular piece of creation such as writing, image, drawing, titles, motion pictures, etc. Copyright provides the owner or author with the rights to copy, distribute, and use their original work. It gives businesses and individuals the ability to protect their creations from potential infringements and theft.

FAQs

What is the fee for document attestation?

The cost for attesting documents varies based on whether the document is personal or business-related. It also depends on how quickly you need the service and if you want VIP assistance.

Can someone else attest my documents for me?

Yes, we can handle the attestation of your documents through the government authorities on your behalf.

When do you need attestation for the UAE?

You’ll need to get your certificates attested if you plan to move to the United Arab Emirates for reasons such as getting a job, pursuing higher education, reuniting with family, or starting a business.

What types of certificates can be attested?

You can have educational documents attested, like diplomas, transcripts, and confirmation letters. Personal documents such as birth certificates, marriage certificates, divorce certificates, and personal affidavits can also be attested. Additionally, commercial documents like trade licenses, memorandums of association, and certificates of incorporation can be included.

What do you need for attestation?

You need the original document in English or Arabic, or an official translation. The document must be attested by the right authorities before submission and should not be laminated.

Is the UAE part of the Apostille Treaty?

No, the United Arab Emirates is not a signatory to the Apostille Treaty. For documents issued from abroad to be valid in the UAE, they must undergo a full legalization process starting from authentication in the country of origin and ending with the Ministry of Foreign Affairs in the UAE.

How long does the attestation process take?

The time it takes to get documents attested can vary based on several factors, such as where the document was issued, the availability of government authentication bodies, and the complexity of the requirements. Processing can be done in as little as 7 working days but may also take several months, depending on the country of origin.

Real Estate Mortgage Assistance

Whether you're buying your first home in Dubai or planning to move to a new property in a different area, navigating the mortgage process can be overwhelming. That's where WeSetupBusiness comes in. Our dedicated mortgage advisors are here to help you every step of the way. With years of experience and expertise, they are well-equipped to assist both residents and expats in finding the right mortgage solutions tailored to their needs.

At WeSetupBusiness, we pride ourselves on our strong relationships with numerous banks and lenders across Dubai. This allows us to offer you a range of options that align with your financial situation and property goals. When you share your requirements with us, our advisors will work diligently to guide you through the entire mortgage process, ensuring that you understand each step and don’t miss any crucial details.

From understanding the types of mortgages available to securing the best rates, our team is committed to making your home-buying journey as smooth and stress-free as possible. We believe in personalized service, and our advisors take the time to get to know your specific needs and preferences. This way, we can provide advice and support that truly helps you in securing your dream home. Trust WeSetupBusiness to make your real estate journey in Dubai a happy and successful experience.

Mortgage Financing in the UAE

Mortgage financing is gaining popularity globally, as it enables individuals with good annual incomes to purchase their preferred properties through manageable installment payments. This option not only makes desirable properties accessible but also helps you avoid the ongoing costs of renting, which do not build equity over time.

In the UAE, you can find excellent support regarding mortgage rates, eligibility requirements, loan conditions, early repayment options, and other factors that can facilitate your journey to owning a dream home in Dubai.

Conventional vs. Islamic Mortgages

A conventional mortgage involves a financial institution lending you money, which you repay along with interest. This interest acts as profit for the lender. The mortgage consists of a principal amount and the interest accrued on it. Typically, you have a repayment period of up to 25 years, which is why these loans are often referred to as repayment loans.

In contrast, an Islamic mortgage adheres to Sharia law, which prohibits interest on loans. Instead, the lender purchases the property on your behalf and then leases it back to you for profit. One significant advantage of Sharia-compliant mortgages in Dubai is that you won’t face interest payments as late fees, although the bank may charge certain fees.

Fixed vs. Variable Interest Rates

When considering property mortgages in Dubai, homebuyers have various options to choose from.

Fixed Rate Mortgage

A fixed-rate mortgage secures an interest rate for the entire duration of the loan. This allows you to know exactly how much you will pay throughout the mortgage term. Depending on your agreement, you might be able to pay off a fixed-rate mortgage early without penalties, or you may incur a breakage cost for early repayment.

Variable Rate Mortgage

A variable-rate mortgage is another option available to expats and locals in Dubai. The interest rate on this type of mortgage fluctuates, meaning your monthly payments can change. If rates decrease, your payments go down; if they rise, your payments increase. While this option offers flexibility, it also introduces some uncertainty. Similar to fixed-rate mortgages, variable-rate mortgages can be open or closed, and you can switch to a fixed-rate mortgage at any time.

Home Loan to Value Ratio

For UAE nationals, the minimum down payment is 15%, allowing for an 85% mortgage on properties valued up to AED 5 million. For properties exceeding AED 5 million, the down payment increases to 30%, resulting in a 70% loan-to-value ratio.

Maximum Home Loan to Value Ratio for Expats

Non-residents can secure a mortgage of up to 80% with a 20% down payment for properties priced at AED 5 million or less. For properties above this amount, the loan-to-value ratio decreases to 65%, requiring a 35% down payment.

For off-plan properties in Dubai, buyers must make a 50% down payment, resulting in a loan-to-value ratio of 50%.

Website Development

After successful company formation in the UAE, a strong online presence is vital for any business. A study concluded that almost 99% of the UAE population is an active internet user. This shows the importance of having a presence online. In addition, shoppers now tend to find information on the business website before actually contacting the business.

In this modern world, a digital presence is a matter of life and death for all businesses. A professional website and competent marketing provide your business with credibility and greater reach. Since we fully understand your business from the moment of its incorporation to the completion of setup, we provide fully customized website that does justice to your business and represents it properly. Our in-house team designers and developers provides you with different design options to choose from. After picking up your favorite one, the team will proceed with design and development of your website.

Our copywriters draft the website content according to your business activities and best SEO practices, and the designers will design the logo, banners, and other visual content for your website. Our goal is to provide you a complete solution under one roof so you don't have to juggle between different services providers. The best part; it's not your typical website development solution. Your website comes with a user-friendly dashboard that allows you to edit, customize, and manage your website without coding knowledge and paying developers for every small change.

Furthermore, we also provide some innovative business tools such as the invoice and payment gateway solution, the appointment solution, and the CRM system. Our seamless payment gateway solution facilitates smooth online transactions. Whether you need to collect payments from clients or process online sales, our integrated payment gateway ensures that transactions are quick, secure, and easy. All of these business tools can be integrated on a single dashboard so you can manage all aspects of your business from a single window.

E-Commerce Store

If you are in the e-Commerce business and looking for a reliable e-Commerce solution that actually works, you are in the right place. Our comprehensive and feature-rich e-Commerce solution is designed for businesses of all sizes, including single and multiple vendors. We build e-commerce websites with payment gateway integration that deliver seamless and compelling shopping experiences. Our E-Commerce solution comes with a digital app to provide retailers with an additional digital touchpoint to reach their target audience and deliver convenient shopping experiences.

We fully understand the importance of time in online business. The longer the downtime, the greater the business loss. We are capable of providing a fully functional e-Commerce website with a mobile app within 30 days, so you can start selling your products online quickly.

Our e-commerce stores come with the latest features to better manage and keep track of business. We provide an encompassing dashboard that gives a quick overview and tracking of store's users, number of orders, completed orders, pending orders, returns, net sales, top categories, and top products, etc.

Our e-Commerce solution provides you easy user management so you can create new user roles and assign them different roles and access including managers, testers, checkers, etc. The product and category management feature allows for quick arrangement and upload of products.

The built-in order tracking system allows you to efficiently track orders and progress status and streamline inventory levels, orders, sales, and deliveries. You can also easily setup coupon codes and run promotional campaigns to increase sales. The integrated payment gateway in the store accepts both local and international cards for a quick payment process.

Security and Data protection is our top priority and that is why we implement industry-level security in our e-Commerce solution. Rest easy knowing that your customer's data and bank card details are protected by industrial-standard PCI DSS security measures.

To further streamline your online business operations, we integrate a reliable payment gateway solution for quick and smooth transactions. This ensures that your customers can make purchases easily and securely, improving their shopping experience.

At WeSetupBusiness, our goal is to be the one-stop solution for companies and investors. We offer services, solutions, and support from the first step to the last, from business setup to business success.

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